NPR logo Not Heard on Today's Podcast

Not Heard on Today's Podcast

Today on the podcast we'll be talking to economist Satyajit Das about Iceland's credit crisis. Das has a lot of interesting things to say about Iceland's economy, but one thing you won't hear in the podcast, is the terrible joke he told us about how Iceland got into this mess. Das admits that only a derivates trader would find this joke funny, and we agree.

Everybody is asking,'Well how did the Icelandic banks get involved in CDOs?' and the joke goes, 'Well Iceland has a long tradition of cod fishing, c-o-d, and they might have confused their expertise in cod with CDOs, collateralized debt obligations.'